Los Angeles CA, July 2 (Tangible Investments) - by James O’Dell - Gold and Silver prices were mixed on Tuesday, with Gold easing a modest $0.75 or 0.06 percent to close at $1,326.50 an ounce as the yellow metal hovered near 3 month highs after posting, on Monday, its first back-to-back quarterly gains since 2011, while the dollar remained near two month lows. Silver gained $0.02 or 0.01 percent to close at $21.05 an ounce, as the Gold/Silver ratio, the measure of the number of ounces of Silver needed to buy one ounce of Gold, fell to 63.02.
Investors are testing the waters with Gold backed ETFs (paper Gold), adding 1.4 percent to the world's biggest fund since Monday, its biggest two day gain since November 2011, and its helping to underpin the physical market. Fed Chair Janet Yellen will speak on Wednesday at an International Monetary Fund (IMF) event in Washington where investors are hoping she follows a dovish script.
The Fed and the IMF, both headed by women for the first time in history, maintain a strong relationship. The IMF is made up of representatives from each member country, with Treasury Secretary Lew representing the U.S. -- the Fed chair, however, is the alternate.
Meanwhile, investors are being drawn to Gold as a safe haven amid growing geopolitical concerns in the Middle East and Ukraine. In Ukraine, government forces resumed military strikes against pro-Russia insurgents in the eastern portion of the country on Tuesday after President Petro Poroshenko ended a two week ceasefire.
“I had the chance this morning to speak with the interior and defense ministers and can inform you that as of this morning, the active phase of the antiterrorist operation has been renewed,” said Oleksandr Turchynov, a member of Ukraine’s parliament.
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